Atle Industri sells holding

2005-09-15

Atle Industri is to sell its 70% holding in Jens S Transmissioner to AxIndustries. The deal will provide Atle Industri with an exit gain of SEK 24 million.

Technical trading company Jens S Transmissioner's 2004 sales amounted to SEK 200m with a pre-tax profit of SEK 10m. The company is part of Atle Industri, the holding company owned jointly by Ratos and 3i (50/50), whose business is to develop its holdings and then find new owners for them when the time is right. The Atle Industri Group will now consist of seven companies, six of which are wholly owned. The largest companies in terms of sales are Moving (materials handling systems), Tempcold (cooling products), Elpress (electrical connectors), Nordhydraulic (hydraulic valves) and Ekman & Co (trading house).

"AxIndustries will place Jens S Transmissioner in a perfect environment in industry terms," says Atle Industri's CEO Hans Åke Norås. "In recent years, Jens S has achieved exceptionally strong development which will be given excellent opportunities to continue through today's deal. The sale is another good example of Atle Industri's efforts to develop companies and then find them a new, appropriate environment when the time is right."

The deal is subject to approval from the relevant competition authorities.